The Cyprus Business Community Welcomes the Invariability of Kazakhstan's "Open Door" Investment Policy

Tel Aviv, February 10, 2022 - Kazakhstan's Ambassador to Cyprus (with the residence in Tel-Aviv) Satybaldy Burshakov addressed the annual Board meeting of the Cyprus-Kazakhstan Business Association.

The online event, attended by Cypriot companies and experts representing various sectors, was an open vivid discussion which demonstrated keen interest of Cypriots in the latest developments in Kazakhstan.

The Ambassador informed the participants on recent events in Kazakhstan and measures taken by the government to stabilize the situation. Particular attention was paid to the course of political and socio-economic reforms announced by President Kassym-Jomart Tokayev, with focus on the measures taken to improve the investment climate and to uphold all commitments and guarantees for investors acknowledged by the Government.

Participants of the meeting also discussed the status and prospects of Kazakh-Cypriot cooperation and noticed the positive development of bilateral relations in the context of the 30th anniversary of the establishment of diplomatic relations which is celebrated this year.

Chairman of the Cyprus-Kazakhstan Business Association Costas Markides welcomed the invariability of Kazakhstan's "open door" investment policy, expressed support for the people of Kazakhstan and confirmed that the association will continue its efforts to expand trade and economic relations between the two countries.

The Cyprus-Kazakhstan Business Association was established in September 2019 with the support of the Cyprus Chamber of Commerce and Industry. The Association aims to further promote, expand and stimulate business relations between Cyprus and Kazakhstan. More than 40 representatives of Cypriot companies are members of the Association.

The gross inflow of foreign direct investment from Cyprus to Kazakhstan for the 9 months of 2021 amounted to $479.5 million. 292 companies with Cypriot participation are registered in Kazakhstan.